Invensys, a FTSE 100 technology company, has selected Basware Invoice Automation (IA) to improve efficiency within its accounts payable (A/P) function. IA uses automatic, business-rule based matching to minimise the need for time-consuming, repetitive invoice-handling tasks, enabling efficient management of exceptions. The contract is valued at more than €500,000 over three years and will be delivered as software-as-a-service (SaaS).
Basware’s IA reduces errors and cost within A/P departments handling high volumes of invoices. IA reduces invoice workload, and provides full transparency and control throughout the accounts payable process. IA reduces human error (present in 7% of all invoices) and ensures compliance with legislative requirements, replacing historic paper-based processes.
Dr. Matthew Lees, managing director of Basware, said: “In all economic climates, healthy businesses ensure that their internal processes are always operating as efficiently and productive as possible. Automating procurement and financial systems removes an enormous workflow burden, as well as reducing risk caused by human error or a simple lack of visibility over cashflow through the business.”
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